Devon Energy expects to spend about $1.4B in Permian Basin this year
Expects 30% oil growth in 2012. Plans to drill approximately 300 wells this year in Permian. Sees net production around 56 MBOED (76% liquids). :theflyonthewall.com
Today's noteworthy downgrades include: Devon Energy (DVN) downgraded to Market Perform from Outperform at Wells Fargo... Knight Transportation (KNX) downgraded to Hold from Buy at KeyBanc... Lowe's (LOW) downgraded to Neutral from Overweight at Piper Jaffray... Redwood Trust (RWT) downgraded to Underperform from Market Perform at FBR Capital... McKesson (MCK) downgraded to Buy from Conviction Buy at Goldman... Charles Schwab (SCHW) downgraded to Underperform from Market Perform at Raymond James. :theflyonthewall.com
Devon Energy downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Devon Energy saying the company lacks a niche within the large cap space. The firm lowered its price target range for shares to $65-$71 from $74-$80. :theflyonthewall.com